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“This (the ruling) comes as the ECB’s actions to cushion the pandemic’s fallout already looked meek compared with the U.S. Federal Reserve’s,” the world’s biggest asset manager said in a note.
It also “threatens to fuel fragmentation within the euro area in the long run,” BlackRock added.
On May 5, the German court gave the European Central Bank three months to justify its 2-trillion-euro bond purchase programme or have the Bundesbank pull out of the scheme.
The European Commission said on Sunday it could open a legal case against Germany over the ruling.
